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SIERRA LEONE

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SIERRA LEONE

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African Minerals

Minerals Sector Leader Serving as Benchmark African Minerals, a leading investor in Sierra Leone’s high potential minerals exploration sector since 2003, is known for its world class standards and for its commitment to corporate social responsibility projects.

CEO Alan Watling explains, “African Minerals constantly strives to be a leader in the fi eld of corporate social responsibility and we are committed to supporting local communities in Sierra Leone via innovative projects.” African Minerals received the coveted United Nations International Year of the Planet Award in 2009 for its exceptional social and environmen-tal projects in Sierra Leone.

Flagship Tonkolili iron ore project

African Minerals is looking forward to strong growth in Sierra Leone, where it has obtained extensive minerals rights as well as a lease agreement with the government concerning rail and port infra-structure. Its fl agship project is the Tonkolili iron ore initiative, which has the world’s largest JORC compliant magnetite resource (11.6 billion tonnes) as well as over 1 billion tonnes of hematite miner-alisation. The initial phase of the project will see AML refurbish and extend the existing rail from Pepel port to the mine site, some 200 km’s in total.

In its mining activities in Sierra Leone, African Minerals is building on its exceptional expertise. Alan Watling explains, “The iron ore industry is unique and highly special-ised, and African Minerals has deep and broad experience in this fi eld. Our company is not built around any one individual, but rather around an enourmously competent group of people.”

Major investments planned in infrastructure and training

African Minerals began operating in Sierra Leone in 2003 after Frank Timis, Chairman, recognised the country’s enormous potential. To date, African Minerals has invested around US$210 million (€160

million) in minerals exploration in Sierra Leone, and it plans to invest an additional US$900 million (€686 million) in the Tonkolili project over the next year alone including restructuring, training employees, upgrading infrastructure (a major focus for the company), boosting production and other efforts.

African Minerals is targeting its fi rst production of 2.5 million tonnes by the fourth quarter of 2011 a total which will rise to 10 million tonnes in 2012 and 12 million tonnes in 2013. African Minerals is in advanced discus-sions with several major investors for potential funding to help it reach 35 million tonnes by the end of 2015.

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154 Wilkinson Road154 Wilkinson RoadFreetown

Sierra LeoneTel.: +44 (0) 1481 726833www.african-minerals.com

Long term commitment to people of Sierra Leone

African Minerals is making a long term commitment to the people of Sierra Leone. It has already helped build and fund three schools, and is awarding 800 scholarships. In addition, it is creating employment opportunities and is making a sig-nifi cant effort to hire locals; approx-imately 80% of its 900 current employees are Sierra Leoneans.

Its projects in Sierra Leone to date also include a partnership with ProtoPharma to produce, test and obtain regulatory support for a new age malaria drug; a project to build the infrastructure to provide affordable and clean drinking water everywhere the company operates, particularly in Tonkolili and Pepel; sponsorships of the Freetown Premier League Championship and other sports activities; and business incubators, one of which will introduce more effi cient methods to the local farmers so that they can act as food suppliers to African Minerals. This is just the beginning for African Minerals’ corporate

social responsibility programme in Sierra Leone.

Demonstrating Sierra Leone’s potential

African Minerals is demonstrating that Sierra Leone has changed: it has a pro business government, a wealth of investment opportunities and friendly people. Once investors come here, they see for themselves the huge potential.

Alan Watling also praises the govern-ment’s performance. He says, “Gov-ernment leaders are doing two things that really stand out to me: they really do try to run this country as a business, which is a huge advantage for the private sector, and they are focusing extremely strongly on con-trolling corruption which creates a safe haven for capital investment.”

Ambitious growth targets

African Minerals has ambitious growth targets and a clear vision. The vision is in the name African Minerals. AML will be a signifi cant player in the

extractive minerals industry in fi ve to seven years, and will want to take a seat at the table with the majors. As an iron ore major AML is also committed to making a positive impact and bringing benefi ts to Sierra Leone and beyond. African Minerals will be the core, the fundamental engine of the business, and from there will seek to expand into other minerals and further exploration.

African Minerals aims to continue to serve as a benchmark in Sierra Leone. Alan Watling concludes, “Our logo, the elephant, symbolises and identifi es us with Africa. We are strong and we are a company that we want people to look up to. We are here in Sierra Leone to stay for gen-erations to come.”

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Sierra Leone Commercial Bank

Local Banking Leader Ideal Partner for International InvestorsSierra Leone Commercial Bank (SLCB), Sierra Leone’s fi rst fully indigenous bank, is a key player in the country’s banking sector, well known for its wide range of world class services. SLCB is the country’s only 100% state owned bank but it is operated like a private enterprise and is completely free from any control by the government.

The bank was founded in the 1970s to provide an alter-native to the country’s two foreign banks operating at that time and to serve mainly locals, but it has expanded to offer a full range of services to both local and foreign customers and has positioned itself as the ideal partner for foreign investors in Sierra Leone. Managing Director Crispin Deigh explains, “SLCB is comparable with any other high quality banking institution around the world. We abide by international best standards.”

SLCB has total assets of around SLL450 billion (€69.8 million), up 20% over 2009. “2010 has been very positive for us in terms of balance sheet growth, income generation and profi ts,” Crispin Deigh points out. SLCB is very active in providing loan support to a wide range of businesses, particularly in the oil, construc-tion, mining and ICT sectors. It also provides loans to small and medium sized enterprises and individuals.

Bank of choice for leading foreign enterprises

SLCB is the bank of choice for a number of foreign enterprises, including international oil marketing companies, various United Nations agencies, Interna-tional Non-Governmental Organisations (NGOs) and Embassies, among many others. SLCB also partners with the International Finance Corporation (IFC), and as Crispin Deigh explains, “The IFC would not work with our bank if it were not up to the highest standards.”

To maintain its competitive edge, SLCB is currently focusing on developing even more tailor made services for its customers and it particularly welcomes the

Crispin Deigh, Managing Director

chance to serve foreign investors in Sierra Leone, for example in the fast growing mining sector. The bank has developed an extensive network of branches all over the country.

SLCB is on the government’s list for privatisation and offers an outstanding investment opportunity. Crispin Deigh says, “Even if the government decides not to fl oat its full 100% share in the bank, we welcome the chance to work with a strategic international partner who can acquire shares along with local owners and take the bank to new heights. SLCB is very well respected in this country because we focus on providing excellent service that meets the highest standards.”

Sierra Leone Commercial Bank Christian Smith Building

29/31 Siaka Stevens Street , FreetownTel.: + 232 (0)22 225264Email: slcb@sierratel.sl

www.slcb.biz

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Sierra Construction Systems Limited (SCS)

Construction Sector Leader Building Tomorrow’s Sierra LeoneSierra Construction Systems Limited (SCS) has established a strong track record for its construc-tion services. It has completed major projects for the public and private sectors, including many foreign investors in Sierra Leone. “We are Sierra Leone’s biggest company in civil construction. We can do anything with cement and concrete and we are known for our high quality,” says Kamal Nassib Nassar, Managing Director.

Launched in 1983 by one partner and three brothers whose origins are Lebanese but who are citizens of Sierra Leone, SCS is strongly committed to ensuring the country’s continuing economic development. It has already partnered with the World Bank, the International Monetary Fund, the EU, local govern-ment and London Mining, UN among other key clients.

SCS has built projects in Freetown (where the company employs around 600 people) and elsewhere in Sierra Leone, and it is also involved in projects in Zambia. SCS’s completed projects in Sierra Leone include educational institutions, the Skye and Zenith banks, hotels and more. In an initi-ative funded by the World Bank, SCS built a number of facilities for Sierra Leone’s international airport, including a new control tower, an arrivals lounge, runway lights and other facilities. As Kamal Nassar puts it, “We have the right people, equipment and expertise. We can do it all!”

Renovating key conference centre

SCS’s current projects include the construction of buildings for the American Embassy in Freetown and renovating a major conference centre next to the Bintumani Hotel (which was originally built by the partners in 1980). The conference centre is scheduled for completion by April 2011 in time for Sierra Leone’s 50th anniversary celebrations.

Kamal Nassib Nassar, Managing Director

SCS welcomes the chance to get involved in more construction projects which will boost Sierra Leone’s tourism sector.

“This year will defi nitely be a growth year for us, with turnover of around €2.7- 3.5 million,” Kamal Nassar points out. He foresees strong growth for SCS, par-ticularly in property development, and he hopes to partner with more international companies and investors.

The Managing Director urges European investors to look into Sierra Leone’s potential. He concludes, “Sierra Leone offers outstanding opportunities. Concerning construction projects, SCS usually wins tenders not because we are the cheapest but because of our well known reputation for high standards. We use products and equipment from Europe, for example. When clients work with us, they can be sure that the quality will be world class.”

Sierra Construction Systems Limited69B Smart Farm, Off Wilkinson Road

Freetown, Sierra LeoneWest Africa, Africa

Tel.: +232 232144/23 05 79Email: scs@sierratel.sl, scssierraleone@yahoo.co.uk

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Sam-King Group

Dynamic Enterprise Building World Class Tourism InfrastructureThe Sam-King Group is helping to build tomorrow’s Sierra Leone. Wilfred Sam-King, Chief Executive Offi cer and founder, explains, “Once I am committed to an endeavour I have to see it through; the Sam-King Group is committed to the development of Sierra Leone and will continue to apply the highest standards of innovation and imple-mentation to make it happen.”

Sam-King Group is a dynamic and progressive enterprise, which encapsulates the spirit and drive of its eponymous founder Wilfred Sam-King. As one of Sierra Leone’s pre-eminent entrepreneurs he has been at the forefront of investment and innovation in the Sierra Leone

business sector. The Group’s operations encompass construc-tion, road building, maintenance, hotels and business supplies. More recently, the Group has entered into port management operations

90 Kingston-upon-Hull WayFreetown

Tel.: +232 (0) 30 800 288+232 (0) 76 610 695

info@samkinggroup.comwww.samkinggroup.com

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Wilfred Sam-King, Chief Executive Offi cer

View of Taiama Lodge, the prototype for the Leone Lodge projectView of Taiama Lodge, the prototype for the Leone Lodge project

by way of its joint-venture with the Bollore Group taking over the management and develop-ment of the Sierra Leone national container port.

Resilient and resourceful, Wilfred started a retail and services business in Njala where he attended university near his home-town of Kimbima. He rebuilt the business twice, from the ashes of the rebel war, during which he narrowly escaped with his life. It has grown to become a business conglomerate (Sam-King Services Ltd, Sam-King Machinery and Con-struction Services Ltd, Kimbima Hotel, Taia Resort Hotel and Taiama Lodge).

The Group is currently expanding further into hospitality by way of the development of the US$10 million(€7.3 million) Leone Lodge project, which is inspired by the President’s desire to see high quality hotel accommodation made available outside the capital.

The Group is currently raising funds for investment and can be contacted via its website: www.samkinggroup.com.

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Rokel Bank

Number One Rokel Bank Focuses on Creating OpportunitiesRokel Bank, ranked number one in Sierra Leone’s banking sector, has built up U.S. $25 million in total assets and anticipates record profi ts of around U.S. $6.5 million for 2010. Owned 51% by the government, with the remaining shares held by institutional investors, pension funds and others, the bank offers a full range of commercial and retail banking services to local and international customers. It is playing a key role in spurring on Sierra Leone’s development.

Effi ciency, a well developed network throughout the country, and personalised customer service set Rokel Bank apart from its competitors. “We concentrate on being effi cient and on establishing relationships with our customers. Our core business is lending money. We do that very professionally and have been able to maximise returns. We particularly focus on helping small and medium sized enterprises, develop and expand,” explains Managing Director Victor Keith Cole.

Rokel Bank is the primary bank in Sierra Leone to provide loans for businesses active in the retail sector, particularly the imports on which the local economy currently depends. The bank has implemented cutting edge technologies and is constantly launching new products and services. It will soon offer VISA cards which can be used worldwide.

Extended credit and long term lending

The bank partners with the International Finance Cor-poration, the African Development Bank and other international funders to provide extended credit lines and long term lending. “We recently devised a long term lending policy and are involved in agricultural and infrastructural loans. We look forward to the support of institutional bodies and we hope to get better interest rates,” Victor Keith Cole says.

The bank has also established a number of partnerships with the private sector, including with the EuroMoney

Victor Keith Cole, Managing Director

training centre in the UK, National Banking College in Ghana. Victor Keith Cole aims to forge more partner-ships with international commercial banks; Rokel Bank already works with HSBC, Commerz Bank and Ghana International Bank Plc, and is attracting more and more institutional investors. “We want to establish a closer relationship with the African Development Bank and the Islamic Development Bank, among others,” Victor Keith Cole points out.

Rokel Bank welcomes the chance to assist foreign investors. “Once investors see our effi ciency and our network all over the country, they want to work with us,” Victor Keith Cole says. He concludes, “Rokel Bank lives up to its vision statement, ‘creating opportunities’, and if you are looking for returns on investments, Sierra Leone is the right place.”

25/27 Siaka Stevens Street PO Box 12 - Freetown

Tel: +232 22 222501Email: rokelsl@rokelbank.sl

www.rokelbank.sl

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Intergroup Telecom

New Telecom Provider Aims to Offer 3G ServicesIntergroup Telecom is planning to bring world class service to Sierra Leone’s telecom sector. It will be the fi rst telecom services provider in the sub-region to offer third generation (3G) and other value added services, and it has ambitious growth plans. Wassim Dabbous, CEO, explains, “We came to Sierra Leone when we obtained a license to offer telecom services here, and we see ourselves as becoming one of the country’s market leaders.”

Intergroup’s competitive edge will be in its cutting edge services, including high speed Internet connec-tions, and in its attention to its customers. “When we launch our offering, which we aim to coincide with Sierra Leone’s 50th anniversary early next year, customers will see the difference in the quality of our services compared to those of our competitors. It’s the customers’ era and we are customer oriented.

We will defi nitely not take our customers for granted,” Wassim Dabbous says confi dently. Intergroup is estab-lishing a productive working relationship with the gov-ernment, which is allowing for duty free imports of the telecom equipment that the company needs to set up its operations in Sierra Leone. Wassim Dabbous points out that while the local telecom sector is not fully lib-eralised, much improvement has already been made. However, the presence of the regulator NATCOM does facilitate doing business, they are the fi rst interface with the government. A challenge for Intergroup and for any telecom services provider in Sierra Leone is the need for better telecom infrastructure, but this is improving.

Developing a brand name

Intergroup operates in other countries with different brand names but aims to brand its services with a single name (it is considering Smart Mobile), develop brand recognition, and expand into other countries under the new brand. Reaching customers directly will be a big part of the company’s brand identity. Wassim Dabbous explains, “I want the local community to actually touch and feel what our company can do for

Wassim Dabbous, CEO

them, and then they will be the judge.” Intergroup plans to get involved in corporate social responsibility projects as part of its long term commitment to Sierra Leone.

Wassim Dabbous concludes, “Some international investors are afraid to come to Sierra Leone, but we have not had any security related problems and the govern-ment has been very helpful. This country is emerging from war but it is stable and on the road to develop-ment. I hope our example will help other future invest-ment projects in the country.

48 Freetown Road LumleyFreetown

+232 25 981 000info@intergrouptelecom.comwww.intergrouptelecom.com

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Hotel AfricanusHotel Offers Warm Welcome to Business and Leisure TravellersNasser Ayoub is one of the many british entrepreneurs, born in Kono, who is helping to ensure a bright future for Sierra Leone. He opened the Ayoub International School fi ve years ago to help provide better educational opportunities, and he launched the “Nasser Ayoub Kicks Racism out of Sierra Leone” campaign to promote citizenship to non-blacks who are born in Sierra Leone.

Nasser Ayoub’s hotel project, Hotel Africanus, is helping to spur on Sierra Leone’s tourism industry. “We opened the hotel in December 2009 because Sierra Leone lacked quality three-star hotels, and now we are upgrading the hotel’s services,” he explains.

Hotel Africanus offers free breakfasts and free high speed Internet, and it has become very popular among foreign travellers, including representatives of non-government organisations. The hotel is known for its friendly service, excellent value for money and an ideal location. Nasser Ayoub concludes, “International travellers should know that Sierra Leone is no longer diamonds and war. The colours of the fl ag represent the country: green for agriculture, white for sandy beaches, and blue for the ocean. There is a lot to see and do here, and Hotel Africanus is clean, quiet, and welcoming.

REGION

1 Frazer Davies Drive - Off King StreetCongo Cross - Freetown, Sierra LeoneTel.: +232 22 236 335, +232 33 700 020

Email: nasserayoub@hotmail.comwww.hotelafricanus.webs.com

Nasser Ayoub, entrepreneur

Hotel Africanus★ ★ ★ ★

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Eulloyray Agencies and Consultancy Ltd.

Dynamic Local Enterprise Open to International InvestorsEulloyray Agencies and Consultancy Ltd., founded in 1988, has grown from a two vehicle car hire operation into a thriving enterprise with several successful business lines. In addition to offering a fl eet of 18 vehicles for hire, including 12 four wheel drive vehicles, Eulloyray provides a range of security services for corporate clients as well as equipment procurement and after sales service, real estate and property management. Around 98% of the company’s customers are international.

Owner and founder Rev Raymond Bola-Williams, who named the company for his four daughters, has had a long and successful business career in Sierra Leone and is very confi dent about the future of his company. He says, “Our competitive edge is the quality of the services we provide. In addition, the essence of business is to diversify and not put all your eggs in one basket, which is why Eulloyray includes several business opera-tions.” Raymond Bola-Williams also represents a brand of photocopiers for which he offers sales and services.

Raymond Bola-Williams has ambitious growth plans for Eulloyray. One of his projects is to develop a bus transportation network in Sierra Leone which will be privately owned and operated. He explains, “I want to provide reliable and effective bus transport not only within the city but within and beyond the peninsula, as that is what Sierra Leone really lacks. We do not have a proper transportation network here, and my vision is to see something similar to what is available in the UK.”

Outstanding investment opportunity

Raymond Bola-Williams has already developed a business plan and is looking for investors who can help get this project off the ground by providing both fi nancing and know how. He stresses that he wants to work with investors who can make a long term commit-ment rather than seeking quick returns. Establishing a fl eet of 10 buses would cost around US$ 4 million, and the project would also include a maintenance facility.

Rev Raymond Bola-Williams, owner and Founder

Raymond Bola-Williams believes Sierra Leone offers tremendous investment potential. He concludes, “If investors do their homework well, they can minimise the risks and gain a good return on their investments. There are exceptional opportunities here and the gov-ernment is working to improve the investment climate. Foreign investors should seek to engage with and work alongside reliable local partners who also have a fi nancial stake in the business. I have been doing business for 23 years, have had successes and failures but by and large I am a success story. People do not do business with me because they like me (dare I say that they usually do!) but because of the quality of service I offer my customers and because my business is transpar-ent. With Eulloyray, excellence is our watch word and what you see is what you get and more!”

20 Skye Street - Freetown, Sierra LeoneTel.: +232 33 611 955, +2323 (0)88 900 770,

+232 (0)76 141 600eulloyray@yahoo.com

rbolawilliams@yahoo.com

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